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Story summary
- On March 16, 2025, Prime Minister Sanae Takaichi announced that Japan would release its strategic oil reserves.
- The release follows an International Energy Agency (IEA) decision to tap stockpiles amid rising Middle East prices.
- Japan relies on the Middle East for 95% of its oil.
- The IEA said 271.7 million barrels of government stocks would be released globally, starting in Asia and Oceania.
